Dominican Republic Gambling Revenue on the Rise, According to Latest Stats
Despite the complications brought on by the COVID-19 pandemic, unexampled stats exhibit the marketplace is rebounding in the Dominican Republic (DR), and revenue is improving.
Statistics from the General Directorate of Internal Taxes (DGII, for its Spanish acronym) present that gaming revenue grew past 6.5% inward the number one sixer months of the year compared to the number 1 half of 2022. While non substantial, the increment is relieve commendable, taking the revenue from DOP2.03 1000000000 (US$35 million) to DOP2.16 one million million (US$37 million).
Tax Revenue on the Rise
As a termination of the performance, revenue enhancement revenue has registered an growth of 35.4% between 2015 and 2022, according to the DGII. During those septenary years, the DR has gone from receiving DOP2.58 billion (US$43.3 million) from the play industry to taking in DOP3.5 billion (US$61.46 million). This substantial uptick emphasizes the growing role of the gaming sphere in the country’s financial revenue generation and overall economic performance.
Of all the segments within the gambling industry, sports betting has reported the highest revenue. In 2022 alone, this segment generated an impressive DOP1.42 one million million (US$24.8 million) compared to the information from 2015, where the revenue stood at DOP1.2 one thousand million (US$21 million).
This represents a growth of 17.9%, but was also influenced by an increase in the sales taxation on sports betting banks. This has increased past 24% since 2015, from US$4.1 one thousand thousand to US$5 million.
If the stream betting momentum persists into the year’s second half, projections point that sum up revenue in 2023 could reach a significant DOP4.21 billion (US$74 million). This potential growth represents a notable 21% increment over last year’s DOP3.64 one million million (US$64 million).
In the endure heptad years, the 3 segments demonstrating the most substantive maturation were lottery prizes, one-armed bandit machines, and telephony games, typically involving sweepstakes via text messages. These segments exhibited telling returns of 93%, 49% and 33.7%, respectively.
Market Setbacks
However, DR’s gaming industry has faced major setbacks in recent years. In 2017, the sphere lost 54.1% of its market. The wallop of the COVID-19 pandemic further exacerbated this trend inwards 2020, causation revenue to plummet to an all-time low-toned of DOP1.86 billion (US$32 million).
This marked a 38.4% decrement from 2019’s DOP3.03 one million million (US$52 million) – a yr already adversely wedged past a spate of tourer deaths inwards the country. Nevertheless, the manufacture began to present signs of recovery inwards 2021, with revenues rebounding to DOP2.8 one million million (US$50 million).
The lowest revenue yr for DR’s gaming manufacture was 2020, with amount proceeds dipping to a dismal DOP1.86 1000000000000 (US$32 million). This drastic unload inward revenue, representing a 38.4% drop-off from 2019’s DOP3.03 1000000000000 (US$52 million), can buoy follow primarily attributed to the global COVID-19 pandemic, which severely disrupted the world-wide gaming industry.
The contrary wallop of the pandemic was farther compounded past incidents of tourist deaths in the country, which had already negatively affected the manufacture in 2019. However, showing singular resilience, the manufacture began to exchange inward 2021, with revenues making a significant retrieval to get through DOP2.8 one million million (US$50 million).
Revitalizing DR’s Gaming Market
The upswing in the Black Friar Republic’s gaming revenue tin follow largely attributed to the dislodge that began among sports betting operators in 2021. Until then, the segment mostly operated without stringent controls or oversight.
Recognizing this gap, the DR initiated cay changes, announcing a transition full stop for operators to transmigrate into a regulated space. The original clip line of business allocated Apr and May of 2021 for operators to hold for and take in permits.
However, because of widespread delays, the deadline was extended, and by Oct 2022, the regulators began to impose compliance. Betting operators who had non submitted the necessary paperwork found themselves having to closed downwardly their operations.
Despite a few operators running without a license, the overall advance in section regularisation promises to preserve driving the ontogenesis of the DR’s gaming revenue.
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